Stocks making the biggest moves midday: Lyft, Carvana, Warner Bros. Discovery, DraftKings
Check out the companies making headlines in midday trading Friday.
Warner Bros. Discovery — The media company’s stock cratered 16.5% after Warner Brothers posted its first earnings report since its merger. Warner Bros. Discovery also said it plans to combine its HBO Max and Discovery+ streaming services.
Lyft — Lyft soared 16.6% after sharing an unexpected profit for the recent quarter. Revenue fell in-line with estimates.
Beyond Meat — The plant-based meat maker’s stock soared 21.9% even after the company shared results for the recent quarter that missed on the top and bottom lines. Beyond Meat also said its cutting 4% of its workforce.
Carvana — Shares of the online used-car seller soared 40.1% on Friday as the company said it would aggressively cut costs in preparation for an economic downturn.
Block – Shares of the Square owner lost more than 2% on the back of a 34% drop in Cash App revenues in the previous quarter. That drop overshadowed a stronger-than-forecast profit.
DraftKings – The sports betting company jumped 9.8% after it reported better-than expected-revenue and adjusted earnings for its latest quarter. DraftKings also raised its full-year revenue forecast despite a gloomy macro outlook.
Paramount — Shares dropped 4.2% after JPMorgan downgraded Paramount to underweight from neutral, citing greater macro challenges ahead for the media company. Paramount reported strong second-quarter earnings this week, but falling income and free cash flow numbers weighed on results.
DoorDash – Shares of the food delivery company traded 1.3% lower, giving up earlier gains, as investors digested a quarterly report that showed a greater loss per share than anticipated. DoorDash lost 72 cents per share in the second quarter, wider than a loss of 41 cents analysts were expecting, according to Refinitiv. Its revenue beat expectations, however.
AMC Entertainment – The theater chain rallied 18.9% after announcing late Thursday it planned to issue a dividend in the form of preferred shares, under the symbol “APE.” The move came after investors rejected the company’s efforts to issue additional stocks last year as a way to raise money.
Sunrun — Shares jumped 4.5% after Barclays initiated coverage of the residential solar installer company with an overweight rating. The investment firm said shares of Sunrun could surge on the back of an ambitious clean energy bill that could “kick off a long subsidized growth cycle” if passed. Sunrun also reported earnings this week that beat analyst expectations, according to FactSet.
Virgin Galactic — Shares plummeted 17.5% after the company said it’s pushing back the commercial launch of space flights until the second quarter of 2023. Truist downgraded shares of Virgin Galactic to a sell rating as the company continues to run through cash and delay flights.
Twilio — Twilio’s stock tumbled 13.5% despite a revenue beat after the communications software company shared weak guidance for the current period. Following the report, Stifel downgraded shares of the technology company to a hold from a buy and halved its price target on the stock.
iRobot — Shares of iRobot skyrocketed more than 19.1% after Amazon announced it plans to acquire the robotic vacuum maker for $1.7 billion, or $61 a share.
— CNBC’s Sarah Min, Tanaya Macheel, Yun Li and Michelle Fox contributed reporting.
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